In India, MedPlus is one of the leading and fast growing healthcare retail chains which was started by the Dr Madhukar Gangadi in the year 2006. In recent years, MedPlus has grown into 1400 pharmacies throughout the country. It serves over 2,50,000 customers daily and employs over 10,000 people. MedPlus helps persons who prefers to be self-employed by helping starting a MedPlus Pharmacy franchise to attain success in the pharmacy business.
MedPlus, a pharmacy chain based in Hyderabad, launched an IPO around October/November 2020. The company hopes to raise more than ₹ 700 crore through the process. In addition, MedPlus has entered into an exclusive partnership with Jamieson Wellness, one of Canada’s largest consumer health companies.
Pharmaceutical Industry in India
With an increase in the changing lifestyle conditions and an average lifespan and approach to healthcare facilities, there is a rising demand for healthcare and wellness products all throughout the world. As per the surveys of the pharmacy market, the recent measure of the Indian pharmacy market is around Rs 80,000 Crores and is expected to cross Rs 160,000 Crores by 2020. The retail pharmacy sector is expected to grow by approximately 20% year on year with organised pharmacies increasing their market share to about 30% of the market by 2020.
MedPlus Mission and Vision
The mission of MedPlus is to be the premier choice of customers for their health and wellness by understanding their needs and exceeding their expectations, and the vision of MedPlus is to revolutionise healthcare delivery in India.
Why the MedPlus Franchise?
- MedPlus is a highly recognized brand where there is no need for marketing.
- Largest retail pharmacy chain in India in the short while.
- Also, e-pharmacy is available here.
- Door-to-door delivery is available.
- Provides quality and genuine medicines
- Higher customer service and great value for money.
Benefits of Owning a MedPlus Franchise
- Medplus serves more than 2,50,000 customers daily and employs more than 12,000 people. The company offers free home delivery in several locations near the store.
- MedPlus is an organized retail pharmacy chain having around 6-7% market share.
- The retail pharmacy industry may grow around 20% year on year.
- You can carry the pride of our success in your locality with an assured income.
- Best training, knowledge, and support for running the pharmacy will be provided.
- MedPlus basically has strong guidance by expertise and sourcing, technology, and execution abilities.
- You can avail of a credit facility or loan from the State Bank of India (SBI) under a particular scheme for about 60% of your investment requirement.
- You generate a volume of business that is 2 or 3 times higher than the competition and enjoy higher customer retention and repeat purchases due to our brand pull and the attractiveness of our loyalty and reward program – Flexi Rewards.
- Produces higher profits by having access to our high-quality private label brands with higher margins.
Eligibility Criteria to become a MedPlus Franchisee
- Individuals were capable of working hard, diligent and dedicated.
- Should be able to manage the pharmacy operations rather than through employees personally.
- Should have the capacity to do the fundamental calculation and understand trade terms, margins, profit & loss.
- A pharmacist qualification is helpful. However, it is not mandatory.
- At a minimum, the candidate should have finished the Intermediate level education or SSC.
- Previous experience in a pharmacy or managing a small business will be beneficial.
Area Specifications
The MedPlus outlets are set-up with square feet ranging from 300 Sq.ft.-500 Sqft; and the location preferred in potential areas with excellent frontage.
Financial Requirements
Total expenditure expected to set up a MedPlus Franchise is of Rs 17.50 lakhs to 20 lakhs varying from the location and the size and condition of the premises. The investment includes franchisee fee, refundable security deposit to premises owner (rental advance), interiors, storage racks, furniture, computer systems and printer, branded stationery and necessary inventory (stocks).
Term of Agreement
The franchisee needs to sign an MOU which contains the written statement about the company terms and condition will sign a franchise agreement with selected franchise owner for certain years initially. The agreement is however renewable if both the parties agree.
Regions of Operation
MedPlus Franchises will become accessible over India. Though, in the beginning, franchises are being offered only in the states of Andhra Pradesh, Telangana, Tamil Nadu and Karnataka. Any town with more than 50,000 population would be suitable for a MedPlus Pharmacy.
MedPlus Franchise Training and Support
- Assistance in all aspects of operating the franchise.
- Assistance in selecting the proper location for the store.
- Help with store identification and lease finalisation.
- Support in entire layout plan, branding materials and furniture and systems required.
- Training for the franchise and its staff.
- Facilitate a bank loan if required.
- Supply of all products sold through the store.
- Operational assistance through the running of the store.
- providing all types of equipment to manipulate the pharmacy related purchases, sales, bank deposits, customer records without any complications.
- Audit support.
Practice area's of B K Goyal & Co LLP
Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online
Company Registration Services in major cities of India
Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida